Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
October 25, 2023

Bitcoin To Repeat Gold’s 475% Post ETF Rally? Bitwise’s Matt Hougan Says Approval Will Unleash New Capital Wave

By Daily Hodl Staff

The chief investment officer at the largest crypto index fund manager in the US is very optimistic about what a spot Bitcoin (BTC) exchange-traded fund (ETF) approval could do for the king crypto’s price.

Matt Hougan, CIO of Bitwise, draws a comparison to what happened to gold’s price after the precious metal secured its first ETF in the US in 2004, suggesting something similar could happen to BTC.

ADVERTISEMENT

“People ask me: What happened when the first gold ETF launched in the US?”

Source: Matt Hougan/X

Bitwise is one of numerous companies that has submitted a spot Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC).

In a recent interview with Thinking Crypto, Hougan said that Bitwise is focused on educating traditional finance stakeholders about Bitcoin.

“The thing to think about with the Bitcoin ETF – why it matters – is it unlocks this other segment of the market that essentially has no allocation to crypto, which is the financial advisor marketplace. Now this is an important market – it’s at least twice, and maybe four times as big, as self-directed retail investors. So the people who own crypto now are mostly self-directed retail investors. The financial advisor marketplace controls between 2x and 4x as many assets. 

ADVERTISEMENT

And so what we’re doing every day, with a 20-plus person sales team, is having meetings with these advisors, talking to them about what Bitcoin is, talking to them about where it fits in their portfolio, and laying the groundwork for when that ETF launches, for them to adopt it readily. We’re seeing real traction. There are a lot of advisors who want to allocate ahead of the Bitcoin ETF.” 

I

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney